Let’s inaugurate a series of ‘Economic definitions’…

Sounds boring, isn’t it?
Well, we’ll try to make them entertaining! You may consider it an homage to The Devil’s Dictionary of Ambrose Pierce.

US man wants value of kidney in divorce settlement

Dr. Richard Batista gave one of his kidneys to his wife in 2001, then divorced from her in 2005. No he wants some of his body back, or at least monetary compensation.

Could you imagine a kidney would cost as much as $1.5M ???

Still, I wonder if there’s a future in the dynamic pricing of body parts…

“For sale, genius brain of one VALU VALU founder, $99M. Ok, now at $17.99″

When demand is uncertain, one way to mitigate your risk is to rely upon Dynamic Pricing. As Koenig and Meissner puts it: ‘if price changing costs are negligible or there is uncertainty [...], applying the dynamic pricing policy is the better choice as the list pricing policy might be more substantially risky in terms of maximal expected revenue.‘

In other terms, if you don’t know how many you’ll sell, you’ll do better by changing price constantly…